A no-risk invenstment!
Tue, 10/13/2009 - 01:49
Being a financial holding company means that Goldman Sachs can borrow money from the Federal Reserve Bank at essentially no cost, and then invest it in any thing it wants.
For example, Goldman has bought a large share of the stock of a Chinese automaker. If the investment succeeds, Goldman will reap the profits; but if it fails, the taxpayers are on the hook.
Please, can I have the same deal next time I play around with some stocks, Please?
- Login or register to post comments
-
- Report this page
Hard to believe!
Starting next year, Bank of America will charge a small number of customers an annual fee, ranging from $29 to $99. The bank has characterized the fee as experimental. But card holders who have never carried a balance or paid late fees could be among those affected.
Citigroup, meanwhile, has started charging annual fees to card holders who don't put more than a specific amount on their cards, typically $2,400 a year. Other banks are charging inactivity fees if customers don't use their credit cards during a specific period of time. You heard that right: You could be spanked for staying out of debt.
These fees are the credit card industry's response to credit card legislation that will, among other things, restrict credit card issuers' ability to raise interest rates on existing balances. Credit card issuers are looking for ways to raise income before the new rules take effect in February.
Source: http://themessthatgreenspanmade.blogspot.com/2009/10/banks-set-to-punish...